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ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED
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| (State of incorporation) | (I.R.S. Employer I.D. No) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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n/a |
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☒ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company |
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| Emerging growth company |
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| Page | |||||
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Item 2. Properties.
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| Location | Number of Agreements | Number of Employees Represented | Expiration Date | ||||||||||||||||||||
| CIT - China | 2 | 3,572 | December 2022 | ||||||||||||||||||||
| CIT - Mexico | 1 | 1,179 | N/A | ||||||||||||||||||||
| CBF - Italy | 3 | 307 |
December 2019
December 2020 December 2023 |
(1)
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| CCM - Germany | 2 | 153 | March 2021 | ||||||||||||||||||||
| CCM - Netherlands | 1 | 130 | September 2021 | ||||||||||||||||||||
| CBF - United Kingdom | 1 | 100 | N/A | ||||||||||||||||||||
| CIT - Switzerland | 1 | 86 | N/A | ||||||||||||||||||||
| CCM - Romania | 1 | 59 | June 2021 | ||||||||||||||||||||
| CFT - Germany | 5 | 26 | N/A | ||||||||||||||||||||
| Number of Facilities |
Square Footage
(in millions)
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| North America | Europe | Asia | Other | Total | Owned | Leased | ||||||||||||||||||||||||||||||||||||||
| Carlisle Construction Materials | 44 | 11 | — | — | 55 | 5.1 | 1.5 | |||||||||||||||||||||||||||||||||||||
| Carlisle Interconnect Technologies | 18 | 2 | 4 | — | 24 | 0.6 | 1.1 | |||||||||||||||||||||||||||||||||||||
| Carlisle Fluid Technologies | 8 | 3 | 2 | 1 | 14 | 0.5 | 0.2 | |||||||||||||||||||||||||||||||||||||
| Carlisle Brake & Friction | 4 | 2 | 4 | — | 10 | 1.0 | 0.2 | |||||||||||||||||||||||||||||||||||||
| Totals | 74 | 18 | 10 | 1 | 103 | 7.2 | 3.0 | |||||||||||||||||||||||||||||||||||||
| Carlisle | S&P MidCap 400 | S&P 500 | Peer Group | |||||||||||||||||||||||
| 2015 | $100.00 | $100.00 | $100.00 | $100.00 | ||||||||||||||||||||||
| 2016 | 124.43 | 119.21 | 110.05 | 130.06 | ||||||||||||||||||||||
| 2017 | 127.94 | 136.66 | 131.49 | 166.77 | ||||||||||||||||||||||
| 2018 | 112.04 | 117.78 | 121.77 | 140.90 | ||||||||||||||||||||||
| 2019 | 182.83 | 147.82 | 158.51 | 200.99 | ||||||||||||||||||||||
| 2020 | 176.10 | 164.93 | 183.77 | 211.51 | ||||||||||||||||||||||
| (in millions, except per share amounts) |
(a)
Total Number of Shares Purchased |
(b)
Average Price Paid Per Share |
(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
(d)
Maximum Number
(or Approximate
Dollar Value) of
Shares that May
Yet Be Purchased
Under the Plans or
Programs
(1)
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| October | 0.2 | $ | 123.86 | 0.2 | 2.1 | |||||||||||||||||||||
| November | 0.2 | $ | 132.18 | 0.2 | 1.9 | |||||||||||||||||||||
| December | — | $ | — | — | 1.9 | |||||||||||||||||||||
| Total | 0.4 | 0.4 | ||||||||||||||||||||||||
| (in millions, except per share amounts) | 2020 | 2019 | ||||||||||||
| Revenues | $ | 4,245.2 | $ | 4,811.6 | ||||||||||
| Operating income | $ | 483.6 | $ | 654.2 | ||||||||||
| Operating margin percentage | 11.4 | % | 13.6 | % | ||||||||||
| Income from continuing operations | $ | 324.2 | $ | 473.7 | ||||||||||
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Loss from discontinued operations
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$ | (4.1) | $ | (0.9) | ||||||||||
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Diluted earnings per share attributable to common shares:
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||||||||||||||
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Income from continuing operations
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$ | 5.88 | $ | 8.21 | ||||||||||
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Loss from discontinued operations
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$ | (0.08) | $ | (0.02) | ||||||||||
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Items affecting comparability:
(1)
|
||||||||||||||
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Impact to operating income
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$ | 44.3 | $ | 23.7 | ||||||||||
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Impact to income from continuing operations
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$ | 24.2 | $ | 4.3 | ||||||||||
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Impact to diluted EPS from continuing operations
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$ | 0.44 | $ | 0.08 | ||||||||||
| (in millions) | 2020 | 2019 | Change | % |
Acquisition
Effect |
Price / Volume
Effect |
Exchange
Rate Effect |
|||||||||||||||||||||||||||||||||||||
| Revenues | $ | 4,245.2 | $ | 4,811.6 | $ | (566.4) | (11.8) | % | 2.1 | % | (14.0) | % | 0.1 | % | ||||||||||||||||||||||||||||||
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(in millions)
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2020 | 2019 | ||||||||||||||||||||||||
| United States | $ | 3,430.3 | 81 | % | $ | 3,847.1 | 80 | % | ||||||||||||||||||
| International: | ||||||||||||||||||||||||||
| Europe | 395.0 | 428.3 | ||||||||||||||||||||||||
| Asia | 228.8 | 288.3 | ||||||||||||||||||||||||
| Canada | 89.6 | 104.7 | ||||||||||||||||||||||||
| Mexico | 51.3 | 70.0 | ||||||||||||||||||||||||
| Middle East and Africa | 29.3 | 39.4 | ||||||||||||||||||||||||
| Other | 20.9 | 33.8 | ||||||||||||||||||||||||
| Total International | 814.9 | 19 | % | 964.5 | 20 | % | ||||||||||||||||||||
| Revenues | $ | 4,245.2 | $ | 4,811.6 | ||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % | ||||||||||||||||||||||
| Gross margin | $ | 1,182.4 | $ | 1,371.7 | $ | (189.3) | (13.8) | % | ||||||||||||||||||
| Gross margin percentage | 27.9 | % | 28.5 | % | ||||||||||||||||||||||
| Depreciation and amortization | $ | 120.8 | $ | 113.5 | ||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % | ||||||||||||||||||||||
| Selling and administrative expenses | $ | 641.5 | $ | 667.1 | $ | (25.6) | (3.8) | % | ||||||||||||||||||
| As a percentage of revenues | 15.1 | % | 13.9 | % | ||||||||||||||||||||||
| Depreciation and amortization | $ | 100.9 | $ | 89.8 | ||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % | ||||||||||||||||||||||
| Research and development expenses | $ | 54.8 | $ | 60.9 | $ | (6.1) | (10.0) | % | ||||||||||||||||||
| As a percentage of revenues | 1.3 | % | 1.3 | % | ||||||||||||||||||||||
| Depreciation and amortization | $ | 2.5 | $ | 2.1 | ||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % | ||||||||||||||||||||||
| Other operating expense (income), net | $ | 2.5 | $ | (10.5) | $ | 13.0 | (123.8) | % | ||||||||||||||||||
|
Items affecting comparability
(1)
|
$ | 4.5 | $ | (7.2) | ||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % | ||||||||||||||||||||||
| Operating income | $ | 483.6 | $ | 654.2 | $ | (170.6) | (26.1) | % | ||||||||||||||||||
| Operating margin percentage | 11.4 | % | 13.6 | % | ||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % | ||||||||||||||||||||||
| Interest expense, net | $ | 76.6 | $ | 66.1 | $ | 10.5 | 15.9 | % | ||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % | ||||||||||||||||||||||
| Interest income | $ | (4.8) | $ | (7.9) | $ | 3.1 | (39.2) | % | ||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % | ||||||||||||||||||||||
| Other non-operating expense, net | $ | 1.7 | $ | 0.7 | $ | 1.0 | NM | |||||||||||||||||||
|
Items affecting comparability
(1)
|
$ | 4.8 | $ | 2.3 | ||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % | ||||||||||||||||||||||
| Provision for income taxes | $ | 77.1 | $ | 121.6 | $ | (44.5) | (36.6) | % | ||||||||||||||||||
| Effective tax rate | 19.2 | % | 20.4 | % | ||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % |
Acquisition
Effect |
Price / Volume
Effect |
Exchange
Rate Effect |
|||||||||||||||||||||||||||||||||||||
| Revenues | $ | 2,995.6 | $ | 3,233.3 | $ | (237.7) | (7.4) | % | 0.1 | % | (7.5) | % | — | % | ||||||||||||||||||||||||||||||
| Operating income | $ | 581.6 | $ | 576.0 | $ | 5.6 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Operating margin percentage | 19.4 | % | 17.8 | % | ||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 98.0 | $ | 93.9 | ||||||||||||||||||||||||||||||||||||||||
|
Items affecting comparability
(1)
|
$ | 3.3 | $ | 2.2 | ||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % |
Acquisition
Effect |
Price / Volume
Effect |
Exchange
Rate Effect |
|||||||||||||||||||||||||||||||||||||
| Revenues | $ | 731.6 | $ | 972.9 | $ | (241.3) | (24.8) | % | 8.3 | % | (33.1) | % | — | % | ||||||||||||||||||||||||||||||
| Operating income | $ | (2.1) | $ | 131.6 | $ | (133.7) | (101.6) | % | ||||||||||||||||||||||||||||||||||||
| Operating margin percentage | (0.3) | % | 13.5 | % | ||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 77.5 | $ | 63.0 | ||||||||||||||||||||||||||||||||||||||||
|
Items affecting comparability
(1)
|
$ | 26.7 | $ | 16.7 | ||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % |
Acquisition
Effect |
Price / Volume
Effect |
Exchange
Rate Effect |
|||||||||||||||||||||||||||||||||||||
| Revenues | $ | 242.7 | $ | 278.4 | $ | (35.7) | (12.8) | % | 6.3 | % | (19.8) | % | 0.7 | % | ||||||||||||||||||||||||||||||
| Operating income | $ | 5.3 | $ | 24.0 | $ | (18.7) | (77.9) | % | ||||||||||||||||||||||||||||||||||||
| Operating margin percentage | 2.2 | % | 8.6 | % | ||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 23.4 | $ | 24.1 | ||||||||||||||||||||||||||||||||||||||||
|
Items affecting comparability
(1)
|
$ | 4.2 | $ | 0.8 | ||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2020 | 2019 | Change | % |
Acquisition
Effect |
Price / Volume
Effect |
Exchange
Rate Effect |
|||||||||||||||||||||||||||||||||||||
| Revenues | $ | 275.3 | $ | 327.0 | $ | (51.7) | (15.8) | % | — | % | (16.0) | % | 0.2 | % | ||||||||||||||||||||||||||||||
| Operating income (loss) | $ | (3.7) | $ | 21.3 | $ | (25.0) | (117.4) | % | ||||||||||||||||||||||||||||||||||||
| Operating margin percentage | (1.3) | % | 6.5 | % | ||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 21.5 | $ | 21.7 | ||||||||||||||||||||||||||||||||||||||||
|
Items affecting comparability
(1)
|
$ | 6.7 | $ | 2.8 | ||||||||||||||||||||||||||||||||||||||||
| (in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||
| Europe | $ | 114.8 | $ | 62.2 | ||||||||||
| North America (excluding U.S.) | 50.8 | 43.4 | ||||||||||||
| China | 19.3 | 17.9 | ||||||||||||
| Asia Pacific (excluding China) | 30.1 | 69.1 | ||||||||||||
| International cash and cash equivalents | 215.0 | 192.6 | ||||||||||||
| U.S. cash and cash equivalents | 687.2 | 158.6 | ||||||||||||
| Total cash and cash equivalents | $ | 902.2 | $ | 351.2 | ||||||||||
| (in millions) | 2020 | 2019 | ||||||||||||
| Net cash provided by operating activities | $ | 696.7 | $ | 703.1 | ||||||||||
| Net cash used in investing activities | (122.6) | (694.9) | ||||||||||||
| Net cash used in financing activities | (24.7) | (461.2) | ||||||||||||
| Effect of foreign currency exchange rate changes on cash | 1.6 | 0.6 | ||||||||||||
| Change in cash and cash equivalents | $ | 551.0 | $ | (452.4) | ||||||||||
| Asset/Liability | Typical Valuation Technique | Key Assumptions | ||||||||||||
| Technology-based intangible assets | Relief from royalty method |
•
Estimated future revenues from acquired technology
•
Royalty rates that would be paid if licensed from a third-party
•
Discount rates
|
||||||||||||
| Customer-based intangible assets | Multiple-period excess earnings method |
•
Estimated future revenues from existing customers
•
Rates of customer attrition
•
Discount rates
•
Contributory asset charges
|
||||||||||||
| Trademark/trade name intangible assets | Relief from royalty method |
•
Estimated future revenues from acquired trademark/trade name
•
Economic useful lives (definite vs. indefinite)
•
Royalty rates that would be paid if licensed from a third-party
•
Discount rates
|
||||||||||||
| Property, plant & equipment | Market comparable transactions (real property) and replacement cost, new less economic deprecation (personal property) |
•
Similarity of subject property to market comparable transactions
•
Costs of like equipment in new condition
•
Economic obsolescence rates
|
||||||||||||
| Inventory | Net realizable value less (i) estimated costs of completion and disposal, and (ii) a reasonable profit allowance for the seller |
•
Estimated percentage complete (WIP inventory)
•
Estimated selling prices
•
Estimated completion and disposal costs
•
Estimated profit allowance for the seller
|
||||||||||||
| Contingent consideration | Discounted future cash flows |
•
Future revenues and/or net earnings
•
Discount rates
|
||||||||||||
| Valuation Technique | Key Assumptions | |||||||
| Discounted future cash flows |
•
Estimated future revenues
•
Earnings before interest, taxes, depreciation and amortization ("EBITDA") margins
•
Discount rates
|
|||||||
| Market multiple method |
•
Peer public company group
•
Financial performance of reporting units relative to peer public company group
|
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| (in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||
| Carlisle Construction Materials | $ | 613.0 | $ | 597.1 | ||||||||||
| Carlisle Interconnect Technologies | 835.6 | 835.2 | ||||||||||||
| Carlisle Fluid Technologies | 193.1 | 187.5 | ||||||||||||
| Carlisle Brake & Friction | 96.5 | 96.5 | ||||||||||||
| Total | $ | 1,738.2 | $ | 1,716.3 | ||||||||||
| 2020 | ||||||||||||||||||||
| (in millions, except per share amounts) |
Impact to
Operating Income |
Impact to Income from Continuing Operations | Impact to Diluted EPS | |||||||||||||||||
| Exit and disposal costs | $ | 24.5 | $ | 18.5 | $ | 0.34 | ||||||||||||||
| Other facility rationalization costs | 2.1 | 1.6 | 0.03 | |||||||||||||||||
| Acquisition related costs: | ||||||||||||||||||||
| Inventory step-up amortization | 0.7 | 0.5 | 0.01 | |||||||||||||||||
| Other acquisition costs | 3.7 | 2.9 | 0.05 | |||||||||||||||||
| Idle capacity and labor costs, net of subsidies | 8.8 | 6.7 | 0.12 | |||||||||||||||||
| Impairment charges | 6.0 | 4.6 | 0.08 | |||||||||||||||||
| Gains from insurance recoveries | (0.7) | (0.6) | (0.01) | |||||||||||||||||
| Gains from divestitures | (0.8) | (2.9) | (0.05) | |||||||||||||||||
| Loss on debt extinguishment | — | 6.6 | 0.12 | |||||||||||||||||
| Indemnification losses | — | 3.2 | 0.06 | |||||||||||||||||
| Tax items | — | (16.9) |
(1)
|
(0.31) | ||||||||||||||||
| Total items affecting comparability | $ | 44.3 | $ | 24.2 | $ | 0.44 | ||||||||||||||
| 2019 | ||||||||||||||||||||
| (in millions, except per share amounts) |
Impact to
Operating Income |
Impact to Income from Continuing Operations | Impact to Diluted EPS | |||||||||||||||||
| Exit and disposal costs | $ | 13.7 | $ | 10.3 | $ | 0.18 | ||||||||||||||
| Other facility rationalization costs | 5.7 | 4.4 | 0.08 | |||||||||||||||||
| Acquisition related costs: | ||||||||||||||||||||
| Inventory step-up amortization | 3.1 | 2.4 | 0.04 | |||||||||||||||||
| Other acquisition costs | 8.3 | 6.9 | 0.12 | |||||||||||||||||
| Gains from contingent consideration | (5.0) | (5.0) | (0.09) | |||||||||||||||||
| Gains from divestitures | (2.1) | (1.2) | (0.02) | |||||||||||||||||
| Gain from step acquisition, net | — | (0.3) | — | |||||||||||||||||
| Tax items | — | (13.2) |
(1)
|
(0.23) | ||||||||||||||||
| Total items affecting comparability | $ | 23.7 | $ | 4.3 | $ | 0.08 | ||||||||||||||
| 2021 Revenue | Primary Drivers | |||||||||||||
| Carlisle Construction Materials |
high-single
digit growth |
•
Strong replacement roofing demand
•
Expansion into new platforms, primarily spray foam insulation, architectural metals and Europe
|
||||||||||||
| Carlisle Interconnect Technologies |
mid-to-high
single-digit decline |
•
Longer-term recovery due to prolonged aerospace decline
•
Growth in medical
|
||||||||||||
| Carlisle Fluid Technologies |
low-double
digit growth |
•
Product introductions
•
Markets signaling bottom and order books strengthening
|
||||||||||||
| Carlisle Brake & Friction |
low-double
digit growth |
•
Product introductions
•
Markets signaling bottom and order books strengthening
|
||||||||||||
| Total Carlisle |
mid-single
digit growth |
|||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| (in millions, except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||
| Revenues | $ |
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$ |
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$ |
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| Cost of goods sold |
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| Selling and administrative expenses |
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| Research and development expenses |
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| Other operating expense (income), net |
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(
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(
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| Operating income |
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| Interest expense, net |
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| Loss on extinguishment of debt |
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| Interest income |
(
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(
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(
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| Other non-operating expense, net |
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| Income from continuing operations before income taxes |
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| Provision for income taxes |
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| Income from continuing operations |
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| Discontinued operations: | ||||||||||||||||||||
| (Loss) income before income taxes |
(
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(
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| (Benefit from) provision for income taxes |
(
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(
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|||||||||||||||||
| (Loss) income from discontinued operations |
(
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(
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| Net income | $ |
|
$ |
|
$ |
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||||||||||||||
| Basic earnings per share attributable to common shares: | ||||||||||||||||||||
| Income from continuing operations | $ |
|
$ |
|
$ |
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||||||||||||||
| (Loss) income from discontinued operations |
(
|
(
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|||||||||||||||||
| Basic earnings per share | $ |
|
$ |
|
$ |
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||||||||||||||
| Diluted earnings per share attributable to common shares: | ||||||||||||||||||||
| Income from continuing operations | $ |
|
$ |
|
$ |
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||||||||||||||
| (Loss) income from discontinued operations |
(
|
(
|
|
|||||||||||||||||
| Diluted earnings per share | $ |
|
$ |
|
$ |
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||||||||||||||
| Average shares outstanding: | ||||||||||||||||||||
| Basic |
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| Diluted |
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| Comprehensive income: | ||||||||||||||||||||
| Net income | $ |
|
$ |
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$ |
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| Other comprehensive income (loss): | ||||||||||||||||||||
| Foreign currency gains (losses) |
|
(
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(
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|||||||||||||||||
| Amortization of unrecognized net periodic benefit costs, net of tax |
|
(
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(
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| Other, net of tax |
(
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| Other comprehensive income (loss) |
|
(
|
(
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|||||||||||||||||
| Comprehensive income | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions, except par values) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
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||||||||||
| Receivables, net |
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| Inventories, net |
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| Contract assets |
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| Prepaid expenses |
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| Other current assets |
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| Total current assets |
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| Property, plant and equipment, net |
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| Goodwill, net |
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| Other intangible assets, net |
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||||||||||||
| Other long-term assets |
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||||||||||||
| Total assets | $ |
|
$ |
|
||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ |
|
$ |
|
||||||||||
| Accrued and other current liabilities |
|
|
||||||||||||
| Contract liabilities |
|
|
||||||||||||
| Current portion of debt |
|
|
||||||||||||
| Total current liabilities |
|
|
||||||||||||
| Long-term liabilities: | ||||||||||||||
| Long-term debt, less current portion |
|
|
||||||||||||
| Contract liabilities |
|
|
||||||||||||
| Other long-term liabilities |
|
|
||||||||||||
| Total long-term liabilities |
|
|
||||||||||||
| Shareholders' equity: | ||||||||||||||
|
Preferred stock, $
|
|
|
||||||||||||
|
Common stock, $
|
|
|
||||||||||||
| Additional paid-in capital |
|
|
||||||||||||
|
Treasury shares, at cost (
|
(
|
(
|
||||||||||||
| Accumulated other comprehensive loss |
(
|
(
|
||||||||||||
| Retained earnings |
|
|
||||||||||||
| Total shareholders' equity |
|
|
||||||||||||
| Total liabilities and equity | $ |
|
$ |
|
||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Operating activities: | ||||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
||||||||||||||
|
Reconciliation of net income to cash flows provided by operating activities:
|
||||||||||||||||||||
| Depreciation |
|
|
|
|||||||||||||||||
| Amortization |
|
|
|
|||||||||||||||||
| Lease expense |
|
|
|
|||||||||||||||||
| Stock-based compensation |
|
|
|
|||||||||||||||||
| Loss on extinguishment of debt |
|
|
|
|||||||||||||||||
| Deferred taxes |
(
|
(
|
(
|
|||||||||||||||||
| Gain on sale of discontinued operations, net of tax |
|
|
(
|
|||||||||||||||||
| Other operating activities, net |
|
|
(
|
|||||||||||||||||
| Changes in assets and liabilities, excluding effects of acquisitions: | ||||||||||||||||||||
| Receivables |
|
|
(
|
|||||||||||||||||
| Inventories |
|
(
|
(
|
|||||||||||||||||
| Contract assets |
|
(
|
(
|
|||||||||||||||||
| Prepaid expenses and other assets |
(
|
(
|
(
|
|||||||||||||||||
| Accounts payable |
(
|
|
(
|
|||||||||||||||||
| Accrued and other current liabilities |
(
|
|
(
|
|||||||||||||||||
| Contract Liabilities |
|
|
|
|||||||||||||||||
| Other long-term liabilities |
(
|
(
|
(
|
|||||||||||||||||
| Net cash provided by operating activities |
|
|
|
|||||||||||||||||
| Investing activities: | ||||||||||||||||||||
| Capital expenditures |
(
|
(
|
(
|
|||||||||||||||||
| Acquisitions, net of cash acquired |
(
|
(
|
(
|
|||||||||||||||||
| Proceed from sale of discontinued operation |
|
|
|
|||||||||||||||||
| Other investing activities, net |
|
|
|
|||||||||||||||||
| Net cash (used in) provided by investing activities |
(
|
(
|
|
|||||||||||||||||
| Financing activities: | ||||||||||||||||||||
| Borrowings from revolving credit facility |
|
|
|
|||||||||||||||||
| Repayments of revolving credit facility |
(
|
|
|
|||||||||||||||||
| Proceeds from notes |
|
|
|
|||||||||||||||||
| Repayments of notes |
(
|
|
|
|||||||||||||||||
| Repurchases of common stock |
(
|
(
|
(
|
|||||||||||||||||
| Dividends paid |
(
|
(
|
(
|
|||||||||||||||||
| Financing costs |
(
|
|
|
|||||||||||||||||
| Proceeds from exercise of stock options |
|
|
|
|||||||||||||||||
| Withholding tax paid related to stock-based compensation |
(
|
(
|
(
|
|||||||||||||||||
| Other financing activities, net |
(
|
(
|
|
|||||||||||||||||
| Net cash used in financing activities |
(
|
(
|
(
|
|||||||||||||||||
|
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
|
|
(
|
|||||||||||||||||
| Change in cash and cash equivalents |
|
(
|
|
|||||||||||||||||
| Less: change in cash and cash equivalents of discontinued operations |
|
|
|
|||||||||||||||||
| Cash and cash equivalents at beginning of period |
|
|
|
|||||||||||||||||
| Cash and cash equivalents at end of period | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions, except per share amounts) | Common Stock Outstanding | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Shares in Treasury | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Cost | ||||||||||||||||||||||||||||||||||||||||||||
| Balance as of January 1, 2018 |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
|
Adoption of accounting standards
|
— | — | — |
(
|
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — |
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss, net of tax | — | — | — |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||||||||||||
|
Dividends - $
|
— | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock |
(
|
— | — | — | — |
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
|
Issuances and deferrals, net for stock-based compensation
(1)
|
|
— |
|
— | — |
(
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
| Net income | — | — | — | — |
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss, net of tax | — | — | — |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||||||||||||
|
Dividends - $
|
— | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock |
(
|
— | — | — | — |
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
|
Issuances and deferrals, net for stock-based compensation
(1)
|
|
— |
|
— | — |
(
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
| Net income | — | — | — | — |
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||
|
Dividends - $
|
— | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock |
(
|
— | — | — | — |
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
|
Issuances and deferrals, net for stock-based compensation
(1)
|
|
— |
|
— | — |
(
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Corporate | Total | ||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Current period provision |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Amounts acquired |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Amounts written off |
(
|
(
|
|
|
|
(
|
||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Current period provision |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Amounts written off |
(
|
(
|
(
|
|
|
(
|
||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| (in millions) | Revenues | Operating Income (Loss) | Assets |
Depreciation
and Amortization |
Capital
Expenditures |
|||||||||||||||||||||||||||
| 2020 | ||||||||||||||||||||||||||||||||
| Carlisle Construction Materials | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| Carlisle Interconnect Technologies |
|
(
|
|
|
|
|||||||||||||||||||||||||||
| Carlisle Fluid Technologies |
|
|
|
|
|
|||||||||||||||||||||||||||
| Carlisle Brake & Friction |
|
(
|
|
|
|
|||||||||||||||||||||||||||
|
Segment Total
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Corporate
and unallocated
(1)
|
|
(
|
|
|
|
|||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| 2019 | ||||||||||||||||||||||||||||||||
| Carlisle Construction Materials | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| Carlisle Interconnect Technologies |
|
|
|
|
|
|||||||||||||||||||||||||||
| Carlisle Fluid Technologies |
|
|
|
|
|
|||||||||||||||||||||||||||
| Carlisle Brake & Friction |
|
|
|
|
|
|
||||||||||||||||||||||||||
|
Segment Total
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Corporate and unallocated
(1)
|
|
(
|
|
|
|
|||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| 2018 | ||||||||||||||||||||||||||||||||
| Carlisle Construction Materials | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| Carlisle Interconnect Technologies |
|
|
|
|
|
|||||||||||||||||||||||||||
| Carlisle Fluid Technologies |
|
|
|
|
|
|||||||||||||||||||||||||||
| Carlisle Brake & Friction |
|
(
|
|
|
|
|||||||||||||||||||||||||||
|
Segment Total
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Corporate and unallocated
(1)
|
|
(
|
|
|
|
|||||||||||||||||||||||||||
| Discontinued operations | — | — |
|
|
|
|||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| United States | $ |
|
$ |
|
||||||||||
| International: | ||||||||||||||
| Europe |
|
|
||||||||||||
| Asia |
|
|
||||||||||||
| Mexico |
|
|
||||||||||||
| United Kingdom |
|
|
||||||||||||
| Other |
|
|
||||||||||||
| Total long-lived assets | $ |
|
$ |
|
||||||||||
| 2020 | ||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||||||||||||||
| United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| International: | ||||||||||||||||||||||||||||||||
| Europe |
|
|
|
|
|
|||||||||||||||||||||||||||
| Asia |
|
|
|
|
|
|||||||||||||||||||||||||||
| Canada |
|
|
|
|
|
|||||||||||||||||||||||||||
| Mexico |
|
|
|
|
|
|||||||||||||||||||||||||||
| Middle East and Africa |
|
|
|
|
|
|||||||||||||||||||||||||||
| Other |
|
|
|
|
|
|||||||||||||||||||||||||||
| Total international |
|
|
|
|
|
|||||||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| 2019 | ||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||||||||||||||
| United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| International: | ||||||||||||||||||||||||||||||||
| Europe |
|
|
|
|
|
|||||||||||||||||||||||||||
| Asia |
|
|
|
|
|
|||||||||||||||||||||||||||
| Canada |
|
|
|
|
|
|||||||||||||||||||||||||||
| Mexico |
|
|
|
|
|
|||||||||||||||||||||||||||
| Middle East and Africa |
|
|
|
|
|
|||||||||||||||||||||||||||
| Other |
|
|
|
|
|
|||||||||||||||||||||||||||
| Total international |
|
|
|
|
|
|||||||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| 2018 | ||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||||||||||||||
| United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| International: | ||||||||||||||||||||||||||||||||
| Europe |
|
|
|
|
|
|||||||||||||||||||||||||||
| Asia |
|
|
|
|
|
|||||||||||||||||||||||||||
| Canada |
|
|
|
|
|
|||||||||||||||||||||||||||
| Mexico |
|
|
|
|
|
|||||||||||||||||||||||||||
| Middle East and Africa |
|
|
|
|
|
|||||||||||||||||||||||||||
| Other |
|
|
|
|
|
|||||||||||||||||||||||||||
| Total international |
|
|
|
|
|
|||||||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| (in millions) | Fair Value |
Weighted Average Useful Life
(in years) |
||||||||||||
| Technologies | $ |
|
|
|||||||||||
| Customer relationships |
|
|
||||||||||||
| Trade names |
|
|
||||||||||||
| Total | $ |
|
||||||||||||
|
Preliminary
Allocation |
Measurement
Period Adjustments |
Final
Allocation |
||||||||||||||||||
| (in millions) | As of 11/20/2019 | As of 11/20/2020 | ||||||||||||||||||
| Total cash consideration transferred | $ |
|
$ |
(
|
$ |
|
||||||||||||||
| Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||||||||||
| Cash and cash equivalents |
|
— |
|
|||||||||||||||||
| Receivables, net |
|
— |
|
|||||||||||||||||
| Inventories, net |
|
(
|
|
|||||||||||||||||
| Contract assets |
|
(
|
|
|||||||||||||||||
| Prepaid expenses and other current assets |
|
(
|
|
|||||||||||||||||
| Property, plant and equipment |
|
— |
|
|||||||||||||||||
| Definite-lived intangible assets |
|
(
|
|
|||||||||||||||||
| Other long-term assets |
|
(
|
|
|||||||||||||||||
| Accounts payable |
(
|
|
(
|
|||||||||||||||||
| Income tax payable |
(
|
|
|
|||||||||||||||||
| Accrued and other current liabilities |
(
|
— |
(
|
|||||||||||||||||
| Other long-term liabilities |
(
|
|
(
|
|||||||||||||||||
| Deferred income taxes |
(
|
|
(
|
|||||||||||||||||
| Total identifiable net assets |
|
|
|
|||||||||||||||||
| Goodwill | $ |
|
$ |
(
|
$ |
|
||||||||||||||
| (in millions) | Fair Value |
Weighted Average Useful Life
(in years) |
||||||||||||
| Customer relationships | $ |
|
|
|||||||||||
| Technologies |
|
|
||||||||||||
| Trade names |
|
|
||||||||||||
| Total | $ |
|
||||||||||||
|
Preliminary
Allocation |
Measurement
Period Adjustments |
Final
Allocation |
||||||||||||||||||
| (in millions) | As of 1/11/2019 | As of 1/11/2020 | ||||||||||||||||||
| Total cash consideration transferred | $ |
|
$ | — | $ |
|
||||||||||||||
| Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||||||||||
| Cash and cash equivalents |
|
— |
|
|||||||||||||||||
| Receivables, net |
|
— |
|
|||||||||||||||||
| Inventories, net |
|
(
|
|
|||||||||||||||||
| Prepaid expenses and other current assets |
|
— |
|
|||||||||||||||||
| Property, plant and equipment |
|
— |
|
|||||||||||||||||
| Definite-lived intangible assets |
|
|
|
|||||||||||||||||
| Other long-term assets |
|
— |
|
|||||||||||||||||
| Accounts payable |
(
|
— |
(
|
|||||||||||||||||
| Income tax payable |
|
— |
|
|||||||||||||||||
| Accrued and other current liabilities |
(
|
— |
(
|
|||||||||||||||||
| Other long-term liabilities |
(
|
(
|
(
|
|||||||||||||||||
| Deferred income taxes |
(
|
(
|
(
|
|||||||||||||||||
| Total identifiable net assets |
|
|
|
|||||||||||||||||
| Goodwill | $ |
|
$ |
(
|
$ |
|
||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Revenue | $ |
|
$ |
|
$ |
|
||||||||||||||
| Cost of goods sold |
|
|
|
|||||||||||||||||
| Other operating expense, net |
|
|
|
|||||||||||||||||
| Operating income |
|
|
|
|||||||||||||||||
| Other non-operating expense, net |
|
|
|
|||||||||||||||||
| (Loss) income from discontinued operations before income taxes |
(
|
(
|
|
|||||||||||||||||
| Gain on sale of discontinued operations |
|
|
|
|||||||||||||||||
| (Benefit from) provision for income taxes |
(
|
(
|
|
|||||||||||||||||
| (Loss) income from discontinued operations | $ |
(
|
$ |
(
|
$ |
|
||||||||||||||
| (in millions) | 2018 | |||||||
| Net cash used in operating activities | $ |
(
|
||||||
| Net cash used in investing activities |
(
|
|||||||
|
Net cash provided by financing activities
(1)
|
|
|||||||
| Change in cash and cash equivalents from discontinued operations | $ |
|
||||||
| (in millions except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||
| Income from continuing operations | $ |
|
$ |
|
$ |
|
||||||||||||||
|
Less: dividends declared
|
(
|
(
|
(
|
|||||||||||||||||
| Undistributed earnings |
|
|
|
|||||||||||||||||
|
Percent allocated to common shareholders
(1)
|
|
% |
|
% |
|
% | ||||||||||||||
|
|
|
|
||||||||||||||||||
|
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares
|
|
|
|
|||||||||||||||||
|
Income from continuing operations attributable to common shareholders
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| Shares: | ||||||||||||||||||||
| Basic weighted-average shares outstanding |
|
|
|
|||||||||||||||||
| Effect of dilutive securities: | ||||||||||||||||||||
| Performance awards |
|
|
|
|||||||||||||||||
| Stock options |
|
|
|
|||||||||||||||||
|
Diluted weighted-average shares outstanding
|
|
|
|
|||||||||||||||||
|
Per share income from continuing operations attributable to common shares:
|
||||||||||||||||||||
| Basic | $ |
|
$ |
|
$ |
|
||||||||||||||
| Diluted | $ |
|
$ |
|
$ |
|
||||||||||||||
|
(1)
Basic weighted-average shares outstanding
|
|
|
|
|||||||||||||||||
|
Basic weighted-average shares outstanding and unvested restricted shares expected to vest
|
|
|
|
|||||||||||||||||
| Percent allocated to common shareholders |
|
% |
|
% |
|
% | ||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
(Loss) income from discontinued operations attributable to common shareholders for basic and dilutive earnings per share
|
$ |
(
|
$ |
(
|
$ |
|
||||||||||||||
|
Net income attributable to common shareholders for basic and diluted earnings per share
|
|
|
|
|||||||||||||||||
|
Anti-dilutive stock options excluded from EPS calculation
(1)
|
|
|
|
|||||||||||||||||
| 2020 | ||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||||||||||||||
| Products transferred at a point in time | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
|
Products and services transferred over time
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| 2019 | ||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||||||||||||||
| Products transferred at a point in time | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
|
Products and services transferred over time
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| 2018 | ||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||||||||||||||
| Products transferred at a point in time | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
|
Products and services transferred over time
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| (in millions) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||||
| Extended service warranties | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Balance as of January 1 | $ |
|
$ |
|
$ |
|
||||||||||||||
| Revenue recognized |
(
|
(
|
(
|
|||||||||||||||||
| Revenue deferred |
|
|
|
|||||||||||||||||
| Acquired liabilities |
|
|
|
|||||||||||||||||
| Balance as of December 31 | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Balance as of January 1 | $ |
|
$ |
|
$ |
|
||||||||||||||
| Balance as of December 31 |
|
|
|
|||||||||||||||||
| Change in contract assets | $ |
(
|
$ |
|
$ |
|
||||||||||||||
| 2020 | ||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||||||||||||||
| General construction | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| Aerospace |
|
|
|
|
|
|||||||||||||||||||||||||||
| Heavy equipment |
|
|
|
|
|
|||||||||||||||||||||||||||
| Medical |
|
|
|
|
|
|||||||||||||||||||||||||||
| Transportation |
|
|
|
|
|
|||||||||||||||||||||||||||
| General industrial and other |
|
|
|
|
|
|||||||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| 2019 | ||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||||||||||||||
| General construction | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| Aerospace |
|
|
|
|
|
|||||||||||||||||||||||||||
| Heavy equipment |
|
|
|
|
|
|||||||||||||||||||||||||||
| Medical |
|
|
|
|
|
|||||||||||||||||||||||||||
| Transportation |
|
|
|
|
|
|||||||||||||||||||||||||||
| General industrial and other |
|
|
|
|
|
|||||||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| 2018 | ||||||||||||||||||||||||||||||||
| (in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||||||||||||||
| General construction | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| Aerospace |
|
|
|
|
|
|||||||||||||||||||||||||||
| Heavy equipment |
|
|
|
|
|
|||||||||||||||||||||||||||
| Medical |
|
|
|
|
|
|||||||||||||||||||||||||||
| Transportation |
|
|
|
|
|
|||||||||||||||||||||||||||
| General industrial and other |
|
|
|
|
|
|||||||||||||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Stock option awards | $ |
|
$ |
|
$ |
|
||||||||||||||
| Restricted stock awards |
|
|
|
|||||||||||||||||
| Performance share awards |
|
|
|
|||||||||||||||||
| Restricted stock units |
|
|
|
|||||||||||||||||
| Stock appreciation rights |
|
|
|
|||||||||||||||||
| Total stock-based compensation cost incurred |
|
|
|
|||||||||||||||||
| Capitalized cost during the period |
(
|
(
|
(
|
|||||||||||||||||
| Amortization of capitalized cost during the period |
|
|
|
|||||||||||||||||
| Total stock-based compensation expense | $ |
|
$ |
|
$ |
|
||||||||||||||
| Income tax benefit | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions, except per share amounts) | 2020 | 2019 | 2018 |
2018
One-time Grant |
||||||||||||||||||||||
| Expected dividend yield |
|
% |
|
% |
|
% |
|
% | ||||||||||||||||||
|
Expected term
(in years)
|
|
|
|
|
||||||||||||||||||||||
| Expected volatility |
|
% |
|
% |
|
% |
|
% | ||||||||||||||||||
| Risk-free interest rate |
|
% |
|
% |
|
% |
|
% | ||||||||||||||||||
|
Weighted-average grant date fair value
(per share)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Fair value of options granted | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
|
Number of Shares
(in thousands)
|
Weighted-Average Exercise Price
(per share)
|
Weighted-Average Contractual Term
(in years)
|
Aggregate Intrinsic Value
(in millions)
|
|||||||||||||||||||||||
| Outstanding as of December 31, 2019 |
|
$ |
|
|||||||||||||||||||||||
| Options granted |
|
|
||||||||||||||||||||||||
| Options exercised |
(
|
|
||||||||||||||||||||||||
| Options forfeited / expired |
(
|
|
||||||||||||||||||||||||
| Outstanding as of December 31, 2020 |
|
|
|
$ |
|
|||||||||||||||||||||
| Vested and exercisable as of December 31, 2020 |
|
|
|
$ |
|
|||||||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Intrinsic value of options exercised | $ |
|
$ |
|
$ |
|
||||||||||||||
| Fair value of options vested | $ |
|
$ |
|
$ |
|
||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Weighted-average grant date fair value (per share) | $ |
|
$ |
|
$ |
|
||||||||||||||
|
Number of Shares
(in thousands)
|
Weighted-Average Grant Date Fair Value
(per share)
|
Weighted-Average Contractual Term
(in years)
|
Aggregate Intrinsic Value
(in millions)
|
|||||||||||||||||||||||
| Outstanding as of December 31, 2019 |
|
$ |
|
|||||||||||||||||||||||
| Shares granted |
|
|
||||||||||||||||||||||||
| Shares vested |
(
|
|
||||||||||||||||||||||||
| Shares forfeited |
(
|
|
||||||||||||||||||||||||
| Outstanding as of December 31, 2020 |
|
|
|
$ |
|
|||||||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Intrinsic value of restricted stock exercised | $ |
|
$ |
|
$ |
|
||||||||||||||
| Fair value of restricted stock vested | $ |
|
$ |
|
$ |
|
||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Weighted-average grant date fair value (per share) | $ |
|
$ |
|
$ |
|
||||||||||||||
|
Number of Shares
(in thousands)
|
Weighted-Average Grant Date Fair Value
(per share)
|
Weighted-Average Contractual Term
(in years)
|
Aggregate Intrinsic Value
(in millions)
|
|||||||||||||||||||||||
| Outstanding as of December 31, 2019 |
|
$ |
|
|||||||||||||||||||||||
| Awards granted |
|
|
||||||||||||||||||||||||
| Awards vested |
(
|
|
||||||||||||||||||||||||
| Awards converted |
|
|
||||||||||||||||||||||||
| Awards forfeited |
(
|
|
||||||||||||||||||||||||
| Outstanding as of December 31, 2020 |
|
|
|
$ |
|
|||||||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Intrinsic value of performance share awards exercised | $ |
|
$ |
|
$ |
|
||||||||||||||
| Fair value of performance share awards vested | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in thousands, except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||
| Restricted stock units granted |
|
|
|
|||||||||||||||||
|
Weighted-average grant date fair value (per share)
(1)
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions, except per share amounts) | 2018 One-time Grant | |||||||
| Expected dividend yield |
|
% | ||||||
| Expected term (in years) |
|
|||||||
| Expected volatility |
|
% | ||||||
| Risk-free interest rate |
|
% | ||||||
| Weighted-average grant date fair value (per share) | $ |
|
||||||
| Fair value of stock appreciation rights granted | $ |
|
||||||
|
Number of Shares
(in thousands)
|
Weighted-Average Exercise Price
(per share)
|
Weighted-Average Contractual Term
(in years)
|
Aggregate Intrinsic Value
(in millions)
|
|||||||||||||||||||||||
| Outstanding as of December 31, 2019 |
|
$ |
|
|||||||||||||||||||||||
| Awards exercised |
(
|
|
||||||||||||||||||||||||
| Awards forfeited |
(
|
|
||||||||||||||||||||||||
| Outstanding as of December 31, 2020 |
|
|
|
$ |
|
|||||||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Employee severance and benefit arrangements | $ |
|
$ |
|
$ |
|
||||||||||||||
| Accelerated depreciation and impairments |
|
|
|
|||||||||||||||||
| Facility cleanup costs |
|
|
|
|||||||||||||||||
| Relocation costs |
|
|
|
|||||||||||||||||
| Lease termination costs |
|
|
|
|||||||||||||||||
| Other restructuring costs |
|
|
|
|||||||||||||||||
| Total exit and disposal costs | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Carlisle Interconnect Technologies | $ |
|
$ |
|
$ |
|
||||||||||||||
| Carlisle Brake & Friction |
|
|
|
|||||||||||||||||
| Carlisle Fluid Technologies |
|
|
|
|||||||||||||||||
| Carlisle Construction Materials |
|
|
|
|||||||||||||||||
| Total exit and disposal costs | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Cost of goods sold | $ |
|
$ |
|
$ |
|
||||||||||||||
| Selling and administrative expenses |
|
|
|
|||||||||||||||||
| Research and development expenses |
|
|
|
|||||||||||||||||
| Other operating expense, net |
|
|
|
|||||||||||||||||
| Total exit and disposal costs | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions) | Total | |||||||
| Balance as of December 31, 2019 | $ |
|
||||||
| Charges |
|
|||||||
| Cash payments |
(
|
|||||||
| Balance as of December 31, 2020 | $ |
|
||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Continuing operations: | ||||||||||||||||||||
| U.S. domestic | $ |
|
$ |
|
$ |
|
||||||||||||||
| Foreign |
|
|
|
|||||||||||||||||
| Income from continuing operations before income taxes |
|
|
|
|||||||||||||||||
| Discontinued operations: | ||||||||||||||||||||
| U.S. domestic |
(
|
(
|
|
|||||||||||||||||
| Foreign |
|
|
|
|||||||||||||||||
| Income from discontinued operations before income taxes |
(
|
(
|
|
|||||||||||||||||
| Total income before income taxes | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Current provision: | ||||||||||||||||||||
| Federal and State | $ |
|
$ |
|
$ |
|
||||||||||||||
| Foreign |
|
|
|
|||||||||||||||||
| Total current provision |
|
|
|
|||||||||||||||||
| Deferred benefit: | ||||||||||||||||||||
| Federal and State |
(
|
(
|
|
|||||||||||||||||
| Foreign |
(
|
(
|
(
|
|||||||||||||||||
| Total deferred benefit |
(
|
(
|
(
|
|||||||||||||||||
| Total provision for income taxes | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Taxes at U.S. statutory rate | $ |
|
$ |
|
$ |
|
||||||||||||||
| State and local taxes, net of federal income tax benefit |
|
|
|
|||||||||||||||||
| Foreign earnings taxed at different rates |
|
|
|
|||||||||||||||||
| Change in unrecognized tax benefit |
(
|
(
|
(
|
|||||||||||||||||
| Return to provision adjustments |
(
|
(
|
(
|
|||||||||||||||||
| Tax credits |
(
|
(
|
(
|
|||||||||||||||||
| Impact of U.S. tax reform |
|
|
(
|
|||||||||||||||||
| Other, net |
(
|
(
|
(
|
|||||||||||||||||
| Provision for income taxes | $ |
|
$ |
|
$ |
|
||||||||||||||
| Effective income tax rate on continuing operations |
|
% |
|
% |
|
% | ||||||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Employee benefits | $ |
|
$ |
|
||||||||||
| Deferred revenue |
|
|
||||||||||||
| Lease liabilities |
|
|
||||||||||||
| Inventory reserves |
|
|
||||||||||||
| Deferred state tax attributes |
|
|
||||||||||||
| Warranty reserves |
|
|
||||||||||||
| Foreign loss carryforwards |
|
|
||||||||||||
| Allowance for credit losses |
|
|
||||||||||||
| Federal tax credit carryovers |
|
|
||||||||||||
| Other, net |
|
|
||||||||||||
| Gross deferred assets |
|
|
||||||||||||
| Valuation allowances |
(
|
(
|
||||||||||||
| Deferred tax assets after valuation allowances |
|
|
||||||||||||
| Intangibles |
(
|
(
|
||||||||||||
| Property, plant and equipment |
(
|
(
|
||||||||||||
| Right of use assets |
(
|
(
|
||||||||||||
| Undistributed foreign earnings |
(
|
(
|
||||||||||||
| Gross deferred liabilities |
(
|
(
|
||||||||||||
| Net deferred tax liabilities | $ |
(
|
$ |
(
|
||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Other long-term assets | $ |
|
$ |
|
||||||||||
| Other long-term liabilities |
(
|
(
|
||||||||||||
| Net deferred tax liabilities | $ |
(
|
$ |
(
|
||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Balance as of January 1 | $ |
|
$ |
|
$ |
|
||||||||||||||
| Additions based on tax positions related to current year |
|
|
|
|||||||||||||||||
| Reductions due to statute of limitations |
(
|
(
|
(
|
|||||||||||||||||
| Adjustments related to acquired uncertain tax positions |
(
|
|
|
|||||||||||||||||
| Adjustments for tax positions of prior years |
|
|
|
|||||||||||||||||
| Reductions due to settlements |
|
(
|
(
|
|||||||||||||||||
| Adjustments due to foreign exchange rates |
(
|
(
|
(
|
|||||||||||||||||
| Balance as of December 31 | $ |
|
$ |
|
$ |
|
||||||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
|||||||||||||||
| Raw materials | $ |
|
$ |
|
(1)
|
||||||||||||
| Work-in-process |
|
|
(1)
|
||||||||||||||
| Finished goods |
|
|
(1)
|
||||||||||||||
| Reserves |
(
|
(
|
|||||||||||||||
| Inventories, net | $ |
|
$ |
|
|||||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Land | $ |
|
$ |
|
||||||||||
| Buildings and leasehold improvements |
|
|
||||||||||||
| Machinery and equipment |
|
|
||||||||||||
| Projects in progress |
|
|
||||||||||||
| Property, plant and equipment, gross |
|
|
||||||||||||
| Accumulated depreciation |
(
|
(
|
||||||||||||
| Property, plant and equipment, net | $ |
|
$ |
|
||||||||||
| (in millions) | CCM | CIT | CFT |
CBF
(1)
|
Total | |||||||||||||||||||||||||||
| Net balance as of December 31, 2018 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
|
Goodwill acquired during year
(2), (3)
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Measurement period adjustments |
|
(
|
|
|
|
|||||||||||||||||||||||||||
| Currency translation and other |
(
|
(
|
|
|
(
|
|||||||||||||||||||||||||||
| Net balance as of December 31, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
|
Goodwill acquired during year
(2), (3)
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Measurement period adjustments |
|
(
|
|
|
(
|
|||||||||||||||||||||||||||
| Currency translation and other |
|
(
|
|
|
|
|||||||||||||||||||||||||||
| Net balance as of December 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
| (in millions) | Acquired Cost | Accumulated Amortization | Net Book Value | Acquired Cost | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||||||||||||
| Assets subject to amortization: | ||||||||||||||||||||||||||||||||||||||
| Customer relationships | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||
|
Technology and intellectual property
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
| Trade names and other |
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
| Assets not subject to amortization: | ||||||||||||||||||||||||||||||||||||||
| Trade names |
|
— |
|
|
— |
|
||||||||||||||||||||||||||||||||
| Other intangible assets, net | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||
| Customer relationships |
|
|||||||
| Technology and intellectual property |
|
|||||||
| Trade names and other |
|
|||||||
| Total assets subject to amortization |
|
|||||||
| (in millions) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||||
|
Estimated future amortization expense
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Carlisle Construction Materials | $ |
|
$ |
|
||||||||||
| Carlisle Interconnect Technologies |
|
|
||||||||||||
| Carlisle Fluid Technologies |
|
|
||||||||||||
| Carlisle Brake & Friction |
|
|
||||||||||||
| Corporate |
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Compensation and benefits | $ |
|
$ |
|
||||||||||
| Customer incentives |
|
|
||||||||||||
| Standard product warranties |
|
|
||||||||||||
| Income and other accrued taxes |
|
|
||||||||||||
| Other accrued liabilities |
|
|
||||||||||||
| Accrued and other current liabilities | $ |
|
$ |
|
||||||||||
| (in millions) | 2020 | 2019 | ||||||||||||
| Balance as of January 1 | $ |
|
$ |
|
||||||||||
| Provision |
|
|
||||||||||||
| Claims |
(
|
(
|
||||||||||||
| Foreign exchange |
|
(
|
||||||||||||
| Balance as of December 31 | $ |
|
$ |
|
||||||||||
|
Fair Value
(1)
|
||||||||||||||||||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
December 31,
2020 |
December 31,
2019 |
||||||||||||||||||||||
|
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
| Unamortized discount, debt issuance costs and other |
(
|
(
|
||||||||||||||||||||||||
| Total long term-debt | $ |
|
$ |
|
||||||||||||||||||||||
| Less current portion of long-term debt |
|
|
||||||||||||||||||||||||
| Total long term-debt, net of current portion | $ |
|
$ |
|
||||||||||||||||||||||
| Debt Instrument | Date | Spread | ||||||||||||
|
|
December 1, 2029 |
|
||||||||||||
|
|
September 1, 2027 |
|
||||||||||||
|
|
October 1, 2024 |
|
||||||||||||
|
|
August 15, 2022 |
|
||||||||||||
|
December 31,
2020 |
December 31,
2019 |
|||||||||||||
| Discount rate |
|
% |
|
% | ||||||||||
| Rate of compensation increase |
|
% |
|
% | ||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Discount rate |
|
% |
|
% |
|
% | ||||||||||||||
| Rate of compensation increase |
|
% |
|
% |
|
% | ||||||||||||||
| Expected long-term return on plan assets |
|
% |
|
% |
|
% | ||||||||||||||
| (in millions) | 2020 | 2019 | ||||||||||||
| Funded status | ||||||||||||||
| Projected benefit obligation | ||||||||||||||
| Balance as of January 1 | $ |
|
$ |
|
||||||||||
| Change in benefit obligation: | ||||||||||||||
| Service cost |
|
|
||||||||||||
| Interest cost |
|
|
||||||||||||
| Plan amendments |
|
(
|
||||||||||||
| Actuarial loss |
|
|
||||||||||||
| Benefits paid |
(
|
(
|
||||||||||||
| Balance as of December 31 | $ |
|
$ |
|
||||||||||
| Fair value of plan assets | ||||||||||||||
| Balance as of January 1 | $ |
|
$ |
|
||||||||||
| Change in plan assets: | ||||||||||||||
| Actual return on plan assets |
|
|
||||||||||||
| Company contributions |
|
|
||||||||||||
| Benefits paid |
(
|
(
|
||||||||||||
| Balance as of December 31 | $ |
|
$ |
|
||||||||||
| Unfunded status as of December 31 | $ |
(
|
$ |
(
|
||||||||||
| Accumulated benefit obligation as of December 31 | $ |
|
$ |
|
||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Current liabilities | $ |
(
|
$ |
(
|
||||||||||
| Long-term liabilities |
(
|
(
|
||||||||||||
| Net pension liability | $ |
(
|
$ |
(
|
||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Unrecognized actuarial losses (gross) | $ |
|
$ |
|
||||||||||
| Unrecognized actuarial losses (net of tax) |
|
|
||||||||||||
| Unrecognized prior service costs (gross) |
|
|
||||||||||||
| Unrecognized prior service costs (net of tax) |
|
|
||||||||||||
| (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Service cost | $ |
|
$ |
|
$ |
|
||||||||||||||
| Interest cost |
|
|
|
|||||||||||||||||
| Expected return on plan assets |
(
|
(
|
(
|
|||||||||||||||||
| Amortization of unrecognized net loss |
|
|
|
|||||||||||||||||
| Amortization of unrecognized prior service credit |
|
|
|
|||||||||||||||||
| Net periodic benefit cost | $ |
|
$ |
|
$ |
|
||||||||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Cash | $ |
|
$ |
|
||||||||||
| U.S. treasury bonds |
|
|
||||||||||||
| Mutual funds: | ||||||||||||||
|
Equity mutual funds
(1)
|
|
|
||||||||||||
|
Fixed income mutual funds
(2)
|
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| (in millions) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026-2030 | ||||||||||||||||||||||||||||||||
| Estimated benefit payments | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
December 31,
2018 |
|||||||||||||||||
| Common shares held |
|
|
|
|||||||||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Other current assets | $ |
|
$ |
|
||||||||||
| Other long-term assets |
|
|
||||||||||||
| Total recovery receivable | $ |
|
$ |
|
||||||||||
| Accrued and other current liabilities | $ |
|
$ |
|
||||||||||
| Other long-term liabilities |
|
|
||||||||||||
| Total workers' compensation liability | $ |
|
$ |
|
||||||||||
| (in millions) |
December 31,
2020 |
December 31,
2019 |
||||||||||||
|
Deferred taxes and other tax liabilities
(1)
|
$ |
|
$ |
|
||||||||||
|
Operating lease liabilities
(2)
|
|
|
||||||||||||
|
Deferred compensation
(3)
|
|
|
||||||||||||
|
Pension and other post-retirement obligations
(3)
|
|
|
||||||||||||
|
Long-term workers' compensation
(3)
|
|
|
||||||||||||
| Other |
|
|
||||||||||||
| Other long-term liabilities | $ |
|
$ |
|
||||||||||
| (in millions) | 2020 | 2019 | ||||||||||||
|
Operating lease cost
|
$ |
|
$ |
|
||||||||||
|
Variable lease cost
|
|
|
||||||||||||
| Short-term lease cost |
|
|
||||||||||||
| Total lease cost | $ |
|
$ |
|
||||||||||
|
(in millions)
|
December 31,
2020 |
December 31,
2019 |
||||||||||||
| Assets: | ||||||||||||||
|
|
$ |
|
$ |
|
||||||||||
| Liabilities: | ||||||||||||||
|
|
|
|
||||||||||||
|
|
|
|
||||||||||||
| Total lease liabilities | $ |
|
$ |
|
||||||||||
|
(in millions)
|
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
| Lease payments | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||
| Less: imputed interest |
(
|
|||||||||||||||||||||||||||||||||||||||||||
| Total lease liabilities | $ |
|
||||||||||||||||||||||||||||||||||||||||||
|
December 31,
2020 |
December 31,
2019 |
|||||||||||||
|
Operating leases:
|
||||||||||||||
| Weighted-average remaining lease term (in years) |
|
|
||||||||||||
| Weighted-average discount rate |
|
% |
|
% | ||||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
| (in millions) |
Fair Value
(1)
|
Notional Value |
Fair Value
(1)
|
Notional Value | ||||||||||||||||||||||
| Designated hedges | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Non-designated hedges | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| (in millions) |
Accrued
post-retirement benefit liability |
Foreign currency translation | Derivative contracts | Total | ||||||||||||||||||||||
| Balance as of January 1, 2019 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||
|
Other comprehensive income (loss):
|
||||||||||||||||||||||||||
|
Other comprehensive (loss) income before reclassifications
|
(
|
(
|
|
(
|
||||||||||||||||||||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
(1)
|
|
— |
|
|
||||||||||||||||||||||
| Income tax benefit |
|
— |
|
|
||||||||||||||||||||||
| Other comprehensive (loss) income |
(
|
(
|
|
(
|
||||||||||||||||||||||
| Balance as of December 31, 2019 |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
|
Other comprehensive income (loss):
|
||||||||||||||||||||||||||
|
Other comprehensive (loss) income before reclassifications
|
(
|
|
(
|
|
||||||||||||||||||||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
(1)
|
|
— |
(
|
|
||||||||||||||||||||||
| Other comprehensive income (loss) |
|
|
(
|
|
||||||||||||||||||||||
| Balance as of December 31, 2020 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||
| Name | Age | Position with Company | Period of Service | |||||||||||||||||
| D. Christian Koch | 55 | Chairman of the Board since May 2020, Director, President and Chief Executive Officer since January 2016; President and Chief Operating Officer from May 2014 to December 2015; Group President, Carlisle Diversified Products from June 2012 to May 2014; President, Carlisle Brake & Friction from January 2009 to June 2012; President, Carlisle Asia‑Pacific from February 2008 to January 2009. | February 2008 to date | |||||||||||||||||
| Titus B. Ball | 47 | Vice President, Chief Accounting Officer since May 2016; Director of Internal Audit from April 2011 to April 2016. | January 2010 to date | |||||||||||||||||
| John E. Berlin | 59 | President, Carlisle Interconnect Technologies since February 1995. | January 1990 to date | |||||||||||||||||
| Karl T. Messmer | 50 | President, Carlisle Brake & Friction since November 2015; Vice President & General Manager, Networking Solutions, Belden Inc. from October 2010 to September 2015. | November 2015 to date | |||||||||||||||||
| Amelia Z. Murillo | 46 | Vice President, Financial Planning & Analysis and Treasurer since January 2021. Vice President, Human Resources from February 2016 to December 2020; Vice President, Finance & Administration, Carlisle Interconnect Technologies from October 2008 to April 2014. | February 2016 to date | |||||||||||||||||
| Robert M. Roche | 53 | Vice President, Chief Financial Officer since February 2017; Senior Vice President, Business Finance, Tyco International from August 2014 to February 2017, Chief Operating Officer & Senior Vice President, Business Finance, Tyco International from December 2014 to August 2015, and Senior Vice President, Audit, Tyco International from January 2013 to August 2014. | February 2017 to date | |||||||||||||||||
| Scott C. Selbach | 65 | Vice President, Secretary and General Counsel since May 2018; Vice President, Corporate Development from April 2006 to May 2018. | April 2006 to date | |||||||||||||||||
| Nicholas J. Shears | 62 | President since May 2019; Interim President from September 2018 to April 2019; Executive Vice President, Sales & Marketing from January 2017 to August 2018; Vice President, Sales & Marketing from October 1999 to December 2016, Carlisle Construction Materials. | April 1984 to date | |||||||||||||||||
| Lori A. Snyder | 42 | Vice President, Human Resources since January 2021; Vice President, Human Resources, Carlisle Construction Materials from August 2011 to December 2020. | January 2021 to date | |||||||||||||||||
| Douglas C. Taylor | 51 | Vice President, Carlisle Operating System since June 2014; Director of Operational Excellence, Demmer Corporation from March 2013 to June 2014. | June 2014 to date | |||||||||||||||||
| Laura P. Walsh | 38 | Vice President & Chief Information Officer since January 2020; Vice President, Information Technology from September 2018 to December 2019; Vice President, Chief Information Officer, Lydall, Inc. from July 2016 to August 2018; Vice President, Information Technology, Unimin Corporation from July 2014 to June 2016. | September 2018 to date | |||||||||||||||||
| Kevin P. Zdimal | 50 | Vice President, Corporate Development since May 2018, Vice President, Business Development from May 2016 to May 2018, Vice President and Chief Accounting Officer from May 2010 to May 2016. | September 1995 to date | |||||||||||||||||
|
(in thousands, except per share amounts)
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||||
| (a) | (b) | (c) | ||||||||||||||||||
|
Equity compensation plans approved by equity security holders
|
2,264 |
(1)
|
$ | 114.03 | 1,211 | |||||||||||||||
|
Equity compensation plans not approved by equity security holders
|
— | n/a | — | |||||||||||||||||
| Total | 2,264 | $ | 114.03 | 1,211 | ||||||||||||||||
| Consolidated Statements of Income and Comprehensive Income, years ended December 31, 2020, 2019 and 2018 | |||||
| Consolidated Balance Sheets, December 31, 2020 and 2019 | |||||
| Consolidated Statements of Cash Flows, years ended December 31, 2020, 2019 and 2018 | |||||
| Consolidated Statements of Shareholders’ Equity, years ended December 31, 2020, 2019 and 2018 | |||||
| Notes to Consolidated Financial Statements | |||||
| Carlisle Companies Incorporated | ||||||||||||||||||||||||||||||||
| Exhibit Index | ||||||||||||||||||||||||||||||||
| Exhibit | Filed with this Form 10-K | Incorporated by Reference | ||||||||||||||||||||||||||||||
| Number | Exhibit Title | Form | File No. | Date Filed | ||||||||||||||||||||||||||||
| Master Transaction Agreement, dated October 20, 2013, between the Company and CTP Transportation Products, LLC. | 8-K | 001-09278 | 10/22/2013 | |||||||||||||||||||||||||||||
| Asset Purchase Agreement, date October 20, 2013, between Carlisle Transportation Products, Inc., Carlisle Intangible Company and CTP Transportation Products, LLC. | 8-K | 001-09278 | 10/22/2013 | |||||||||||||||||||||||||||||
| Asset Purchase Agreement, dated October 20, 2013, between Carlisle Canada and CTP Transportation Products, LLC. | 8-K | 001-09278 | 10/22/2013 | |||||||||||||||||||||||||||||
| Stock Purchase Agreement, dated October 20, 2013, between Carlisle International BV and CTP Transportation Products, LLC. | 8-K | 001-09278 | 10/22/2013 | |||||||||||||||||||||||||||||
| Equity Purchase Agreement, dated October 20, 2013, between Carlisle Asia Pacific Limited and CTP Transportation Products, LLC. | 8-K | 001-09278 | 10/22/2013 | |||||||||||||||||||||||||||||
| Asset Purchase Agreement, dated October 20, 2013, between Carlisle Asia Pacific Limited and CTP Transportation Products, LLC. | 8-K | 001-09278 | 10/22/2013 | |||||||||||||||||||||||||||||
| Form of Trademark License Agreement between the Company, Carlisle Intangible Company and CTP Transportation Products, LLC. | 8-K | 001-09278 | 10/22/2013 | |||||||||||||||||||||||||||||
| Asset Purchase Agreement, dated October 7, 2014, between the Company, Carlisle Fluid Technologies, Inc., Graco Inc. and Finishing Brands Holdings Inc. | 8-K | 001-09278 | 10/8/2014 | |||||||||||||||||||||||||||||
| Amendment No. 1 to Asset Purchase Agreement, dated March 6, 2015, between the Company, Carlisle Fluid Technologies, Inc., Graco Inc. and Finishing Brands Holdings Inc. | 8-K | 001-09278 | 3/9/2015 | |||||||||||||||||||||||||||||
| Form of Cross License Agreement (as amended by Amendment No. 1 to Asset Purchase Agreement), by and among the Company, Carlisle Fluid Technologies, Inc., Finishing Brands Holdings Inc., Graco Inc. and Gema Switzerland GmbH. | 8-K | 001-09278 | 3/9/2015 | |||||||||||||||||||||||||||||
| Securities Purchase Agreement, dated September 29, 2017, between Accella Performance Materials LLC, Accella Holdings LLC and Carlisle Construction Materials, LLC. | 8-K | 001-09278 | 10/2/2017 | |||||||||||||||||||||||||||||
|
2.12
*
|
Stock Purchase Agreement, dated as of January 31, 2018, by and among Carlisle, LLC, Carlisle FoodService Products, Incorporated, CFSP Acquisition Corp. and Carlisle Companies Incorporated. | 8-K | 001-09278 | 2/2/2018 | ||||||||||||||||||||||||||||
| Restated Certificate of Incorporation of the Company. | 10-Q | 001-09278 | 10/21/2015 | |||||||||||||||||||||||||||||
| Amended and Restated Bylaws of the Company. | 8-K | 001-09278 | 12/14/2015 | |||||||||||||||||||||||||||||
| Form of Trust Indenture between the Company and Fleet National Bank. | S-3 | 333-16785 | 11/26/1996 | |||||||||||||||||||||||||||||
| First Supplemental Indenture, dated as of August 18, 2006, among the Company, U.S. Bank National Association (as successor to State Street Bank and Trust Company, as successor to Fleet National Bank) and The Bank of New York Trust Company, N.A. | 8-K | 001-09278 | 8/18/2006 | |||||||||||||||||||||||||||||
| Second Supplemental Indenture, dated as of December 9, 2010, among the Company, U.S. Bank National Association (as successor to State Street Bank and Trust Company, as successor to Fleet National Bank) and The Bank of New York Mellon Trust Company, N.A. | 8-K | 001-09278 | 12/10/2010 | |||||||||||||||||||||||||||||
| Carlisle Companies Incorporated | ||||||||||||||||||||||||||||||||
| Exhibit Index | ||||||||||||||||||||||||||||||||
| Exhibit | Filed with this Form 10-K | Incorporated by Reference | ||||||||||||||||||||||||||||||
| Number | Exhibit Title | Form | File No. | Date Filed | ||||||||||||||||||||||||||||
| Third Supplemental Indenture, dated as of November 20, 2012, among the Company, U.S. Bank National Association (as successor to State Street Bank and Trust Company, as successor to Fleet National Bank) and The Bank of New York Mellon Trust Company, N.A. | 8-K | 001-09278 | 11/20/2012 | |||||||||||||||||||||||||||||
| Form of 3.500% Notes due 2024. | 8-K | 001-09278 | 11/16/2017 | |||||||||||||||||||||||||||||
| Form of 3.750% Notes due 2027. | 8-K | 001-09278 | 11/16/2017 | |||||||||||||||||||||||||||||
| Fourth Supplemental Indenture, dated as of February 20, 2020, among the Company, U.S. Bank National Association (as successor to State Street Bank and Trust Company, as successor to Fleet National Bank) and The Bank of New York Mellon Trust Company, N.A. | 8-K | 001-9278 | 2/28/2020 | |||||||||||||||||||||||||||||
| Form of 2.750% Notes due 2030. | 8-K | 001-9278 | 2/28/2020 | |||||||||||||||||||||||||||||
| Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. | X | |||||||||||||||||||||||||||||||
|
10.1
**
|
Carlisle Companies Incorporated Amended and Restated Executive Incentive Program. | Schedule 14A | 001-09278 | 3/20/2012 | ||||||||||||||||||||||||||||
|
10.2
**
|
Form of Carlisle Companies Incorporated Nonqualified Stock Option Agreement. | 10-Q | 001-09278 | 11/8/2004 | ||||||||||||||||||||||||||||
|
10.3
**
|
Form of Carlisle Companies Incorporated Restricted Share Agreement with Non-Compete Covenant. | 10-Q | 001-09278 | 7/22/2014 | ||||||||||||||||||||||||||||
|
10.4
**
|
Form of Amended and Restated Executive Severance Agreement. | 10-K | 001-09278 | 2/27/2009 | ||||||||||||||||||||||||||||
|
10.5**
P
|
Summary Plan Description of Carlisle Companies Incorporated Director Retirement Plan, effective November 6, 1991. | 10-K | 001-09278 | 3/24/1992 | ||||||||||||||||||||||||||||
|
10.6
**
|
Amendment to the Carlisle Companies Incorporated Director Retirement Plan. | 10-K | 001-09278 | 3/11/2004 | ||||||||||||||||||||||||||||
|
10.7
**
|
Carlisle Companies Incorporated Amended and Restated Nonemployee Director Equity Plan. | Schedule 14A | 001-09278 | 3/9/2005 | ||||||||||||||||||||||||||||
|
10.8
**
|
Form of Carlisle Companies Incorporated Stock Option Agreement for Nonemployee Directors. | 8-K | 001-09278 | 2/7/2005 | ||||||||||||||||||||||||||||
|
10.9
**
|
Form of Carlisle Companies Incorporated Nonqualified Stock Option Agreement for Nonemployee Directors. | 8-K | 001-09278 | 5/10/2005 | ||||||||||||||||||||||||||||
|
10.10
**
|
Form of Carlisle Companies Incorporated Restricted Share Agreement for Nonemployee Directors. | 8-K | 001-09278 | 5/10/2005 | ||||||||||||||||||||||||||||
|
10.11
**
|
Form of Carlisle Companies Incorporated Restricted Stock Unit Agreement for Nonemployee Directors. | 10-K | 001-09278 | 2/27/2009 | ||||||||||||||||||||||||||||
|
10.12
**
|
Carlisle Companies Incorporated Amended and Restated Deferred Compensation Plan for Nonemployee Directors. | 10-K | 001-09278 | 2/27/2009 | ||||||||||||||||||||||||||||
|
10.13
**
|
Carlisle Companies Incorporated Amended and Restated Incentive Compensation Program, effective January 1, 2015. | Schedule 14A | 001-09278 | 3/20/2015 | ||||||||||||||||||||||||||||
|
10.14
**
|
Letter Agreement, dated June 5, 2007, between David A. Roberts and the Company. | 8-K | 001-09278 | 6/12/2007 | ||||||||||||||||||||||||||||
|
10.15
**
|
Nonqualified Stock Option Agreement, dated as of June 21, 2007, between the Company and David A. Roberts. | 10-Q | 001-09278 | 8/6/2007 | ||||||||||||||||||||||||||||
|
10.16
**
|
Restricted Share Agreement, dated as of June 21, 2007, between the Company and David A. Roberts. | 10-Q | 001-09278 | 8/6/2007 | ||||||||||||||||||||||||||||
|
10.17
**
|
Letter Agreements, dated January 11, 2008 and December 31, 2008, between D. Christian Koch and the Company. | 10-K | 001-09278 | 2/27/2009 | ||||||||||||||||||||||||||||
| Carlisle Companies Incorporated | ||||||||||||||||||||||||||||||||
| Exhibit Index | ||||||||||||||||||||||||||||||||
| Exhibit | Filed with this Form 10-K | Incorporated by Reference | ||||||||||||||||||||||||||||||
| Number | Exhibit Title | Form | File No. | Date Filed | ||||||||||||||||||||||||||||
|
10.18
**
|
Letter Agreement, dated August 4, 2011, between Fred A. Sutter and the Company. | 10-Q | 001-09278 | 10/25/2011 | ||||||||||||||||||||||||||||
|
10.19
**
|
Carlisle Corporation Amended and Restated Supplemental Pension Plan. | 10-K | 001-09278 | 2/10/2012 | ||||||||||||||||||||||||||||
|
10.20
**
|
Amendment No. 1 to the Carlisle Corporation Supplemental Pension Plan, adopted February 4, 2014. | 10-Q | 001-09278 | 4/22/2014 | ||||||||||||||||||||||||||||
|
10.21
**
|
Form of Carlisle Companies Incorporated Performance Share Agreement. | 10-Q | 001-09278 | 4/27/2010 | ||||||||||||||||||||||||||||
|
10.22
**
|
Carlisle Companies Incorporated Amended and Restated Nonqualified Deferred Compensation Plan, dated January 1, 2012. | 10-K | 001-09278 | 2/10/2012 | ||||||||||||||||||||||||||||
| Carlisle Companies Incorporated Nonqualified Benefit Plan Trust, dated February 2, 2010, by and between the Company and Wachovia Bank, National Association. | 10-Q | 001-09278 | 4/27/2010 | |||||||||||||||||||||||||||||
| Third Amended and Restated Credit Agreement, dated as of October 20, 2011, among the Company, Carlisle Management Company, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. | 10-Q | 001-09278 | 10/25/2011 | |||||||||||||||||||||||||||||
| First Amendment to Third Amended and Restated Credit Agreement, dated as of December 12, 2013, by and among the Company, Carlisle Corporation, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. | 8-K | 001-09278 | 12/17/2013 | |||||||||||||||||||||||||||||
|
10.26
**
|
Letter Agreement, dated January 5, 2017, between Robert Roche and the Company. | 8-K | 001-09278 | 2/15/2017 | ||||||||||||||||||||||||||||
| Second Amendment to Third Amended and Restated Credit Agreement, dated as of February 21, 2017, by and among Carlisle Companies Incorporated, Carlisle Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto. | 8-K | 001-09278 | 2/24/2017 | |||||||||||||||||||||||||||||
|
10.28
**
|
Form of Executive Severance Agreement | 8-K/A | 001-09278 | 4/12/2017 | ||||||||||||||||||||||||||||
| Form of Trademark License Agreement between Carlisle Intangible Company, LLC and Carlisle FoodService Products, Incorporated. | 8-K | 001-09278 | 2/2/2018 | |||||||||||||||||||||||||||||
|
10.30
**
|
Letter Agreement, dated August 22, 2018, between the Company and John W. Altmeyer | 8-K | 001-09278 | 9/13/2018 | ||||||||||||||||||||||||||||
|
10.31
**
|
Carlisle LLC Amended and Restated Supplemental Pension Plan, effective January 1, 2019. | 10-Q | 001-09278 | 4/25/2019 | ||||||||||||||||||||||||||||
|
10.32
**
|
Carlisle Companies Incorporated Amended and Restated Incentive Compensation Program, effective January 1, 2019. | 10-Q | 001-09278 | 4/25/2019 | ||||||||||||||||||||||||||||
| Fourth Amended and Restated Credit Agreement, dated as of February 5, 2020, by and among Carlisle Companies Incorporated, Carlisle LLC, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. | 8-K | 001-09278 | 2/7/2020 | |||||||||||||||||||||||||||||
|
10.34
**
|
Amended and Restated Director Deferred Compensation Plan. | 10-Q | 001-9278 | 7/23/2020 | ||||||||||||||||||||||||||||
| Subsidiaries of the Registrant. | X | |||||||||||||||||||||||||||||||
| Consent of Independent Registered Public Accounting Firm – Deloitte & Touche LLP. | X | |||||||||||||||||||||||||||||||
| Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a). | X | |||||||||||||||||||||||||||||||
| Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a). | X | |||||||||||||||||||||||||||||||
| Carlisle Companies Incorporated | ||||||||||||||||||||||||||||||||
| Exhibit Index | ||||||||||||||||||||||||||||||||
| Exhibit | Filed with this Form 10-K | Incorporated by Reference | ||||||||||||||||||||||||||||||
| Number | Exhibit Title | Form | File No. | Date Filed | ||||||||||||||||||||||||||||
| Section 1350 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | |||||||||||||||||||||||||||||||
| 101.INS | Inline XBRL Instance | X | ||||||||||||||||||||||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema | X | ||||||||||||||||||||||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation | X | ||||||||||||||||||||||||||||||
| 101.LAB | Inline XBRL Taxonomy Extension Labels | X | ||||||||||||||||||||||||||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation | X | ||||||||||||||||||||||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition | X | ||||||||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | X | ||||||||||||||||||||||||||||||
| By: /s/ Robert M. Roche | ||||||||
|
Robert M. Roche,
Vice President and
|
||||||||
| Chief Financial Officer | ||||||||
| /s/ D. Christian Koch | /s/ Robin J. Adams | |||||||
|
D. Christian Koch,
Director,
|
Robin J. Adams,
Director
|
|||||||
| President, Chief Executive Officer and Chairman of the Board | ||||||||
| (Principal Executive Officer) | ||||||||
| /s/ Robert M. Roche | /s/ Robert G. Bohn | |||||||
|
Robert M. Roche,
Vice President and
|
Robert G. Bohn,
Director
|
|||||||
| Chief Financial Officer | ||||||||
| (Principal Financial Officer) | ||||||||
| /s/ Titus B. Ball | /s/ Jonathan R. Collins | |||||||
|
Titus B. Ball,
Vice President
and
|
Jonathan R. Collins,
Director
|
|||||||
| Chief Accounting Officer | ||||||||
| (Principal Accounting Officer) | /s/ James D. Frias | |||||||
|
James D. Frias,
Director
|
||||||||
| /s/ Maia A. Hansen | ||||||||
| Maia A. Hansen, Director | ||||||||
| /s/ Gregg A. Ostrander | ||||||||
| Gregg A. Ostrander, Director | ||||||||
| /s/ Corrine D. Ricard | ||||||||
| Corrine D. Ricard, Director | ||||||||
| /s/ Lawrence A. Sala | ||||||||
|
Lawrence A. Sala,
Director
|
||||||||
| /s/ Jesse G. Singh | ||||||||
| Jesse G. Singh, Director | ||||||||